Bengaluru-based managed workspace options supplier IndiQube Areas Restricted has reported its monetary outcomes for the fourth quarter and full 12 months ended March 31, 2026, posting its highest ever annual income alongside a pointy enchancment in profitability.

For the total monetary 12 months FY26, the corporate reported income of Rs 1,469 crore on an IGAAP equal foundation, up 37% from Rs 1,076 crore in FY25.

EBITDA grew 60% to Rs 301 crore with a margin of 21%, and revenue after tax got here in at Rs 125 crore, up 145% from Rs 51 crore within the earlier 12 months.

For This fall FY26, the corporate posted its finest ever quarterly income of Rs 407 crore, up 36% 12 months on 12 months, with EBITDA of Rs 80 crore and PAT of Rs 30 crore.

It is price noting that IndiQube presents its outcomes on an IGAAP equal foundation alongside normal Ind AS accounts. The distinction comes primarily from Ind AS 116, which requires firms to recognise lease-related depreciation and curiosity as accounting entries though these are non-cash in nature.

The corporate is worthwhile on an underlying foundation. The Ind AS reported accounts present a loss, however that is primarily resulting from these accounting changes and doesn’t mirror money efficiency.

This fall highlights: Giant GCC offers signed

In the course of the fourth quarter, IndiQube signed a number of consumer agreements, together with a 1,140-seat workplace leasing take care of a World Functionality Centre consumer in Pune valued at Rs 54 crore over 5 years, a Rs 52 crore workspace take care of a Japanese e-commerce firm for round 35,000 sq. toes in Bengaluru on a five-year lease, and a 48,000 sq. foot take care of a healthcare expertise GCC valued at Rs 75 crore for 5 years.

The corporate additionally expanded an present consumer’s Bengaluru presence by 32,000 sq. toes, taking that consumer’s complete capability to over 1,000 seats.

On the finish of March 2026, IndiQube managed 9.66 million sq. toes throughout 130 centres in 17 cities, comprising 8 Tier 1 and 9 Tier 2 cities. Whole seat capability stood at 2.15 lakh seats, up 15% from 1.86 lakh seats a 12 months earlier.

The corporate added shut to twenty-eight,000 seats and 1.25 million sq. toes of space below administration over the course of the 12 months, getting into 2 new cities and including 15 new centres.

Regular state occupancy, which measures the occupancy of centres which were operational for greater than 12 months, stood at 88% on the finish of March 2026, in comparison with 87% a 12 months earlier.

The corporate additionally reported 3.3 million sq. toes of occupancy headroom in its pipeline, comprising area it has signed Letters of Intent for with landlords however the place operations are but to begin. These properties are anticipated to grow to be operational over the following 12 to 18 months.

IndiQube served 848 purchasers as of March 31, 2026, of which 42% have been GCCs. The corporate mentioned it sourced 62% of its enterprise straight, with the remaining 38% coming by means of Worldwide Property Consultants.

Month-to-month internet churn averaged 0.11%, and common consumer lock-in tenure stood at 34 months. Shoppers occupying 300 or extra seats had a median lease period of 48 months.

Multi-centre purchasers, which means these utilizing IndiQube area in multiple location, contributed 44% of income, up from 36% the earlier 12 months.

By sector, IT and ITeS firms accounted for 49% of the consumer base, adopted by BFSI and Consulting at 20%, Manufacturing and Automotive at 11%, and Logistics and Healthcare at 7%.

Worth Added Providers Rising Worth Added Providers, which embody facility administration, meals and beverage, transportation, and different office providers, grew to contribute 15% of working income in FY26, up from 12% in FY25.

Whole VAS income for the 12 months was Rs 218 crore, in comparison with Rs 135 crore the earlier 12 months.

Money circulate and steadiness sheet

Working money circulate grew 147% to Rs 304 crore in FY2026 from Rs 123 crore in FY25. The corporate’s steadiness sheet additionally improved considerably following its IPO. Internet price expanded from Rs 374 crore at FY25 finish to Rs 1,160 crore at FY26 finish, whereas internet debt turned unfavourable at Rs 95 crore, which means the corporate now holds extra cash than it owes in monetary borrowings.

Gross debt diminished from Rs 344 crore to Rs 290 crore. The debt-to-equity ratio fell sharply from 0.9 to 0.08. Return on fairness improved from 14% in FY25 to 16% in FY26.

“In a 12 months formed by each geopolitical volatility and uncertainty across the affect of AI, this efficiency displays the resilience of our enterprise and the power of our working mannequin,” mentioned Rishi Das, Co-founder and CEO of IndiQube.

“FY26 was a 12 months of disciplined enlargement and working power. With our presence extending to 17 cities, 130 properties, and over 9.66 million sq. toes of workplace area, we have now strengthened our place as a PAN India participant reaching deeper into the guts of Bharat,” mentioned Meghna Agarwal, Co-founder of IndiQube.

How the enterprise mannequin works

IndiQube’s enterprise mannequin is constructed round buying and managing workplace workspace infrastructure by means of long-term preparations with landlords, whereas offering plug-and-play, managed and enterprise workspace options to purchasers. The corporate reaches operational breakeven at 55 to 60% occupancy and regular state at 85 to 90% occupancy, sometimes inside 12 months of a centre opening.

Shopper lock-in durations common round 34 months, throughout which purchasers are contractually obligated to pay lease. The fit-out value per sq. foot averages Rs 1,650, and that is sometimes recovered inside 36 months.

Importantly, IndiQube’s personal lock-in with landlords is just round 3.5 years, after which it has the choice to vacate on 3 to six months discover. The corporate mentioned that this construction aligns consumer lock-in, capex restoration, and landlord dedication inside a single three-year cycle, eliminating asset-liability mismatch.

IndiQube’s office expertise platform, MiQube, recorded 1.4 million transactions throughout FY26, up 36% from 1 million the earlier 12 months.

Bengaluru stays by far the biggest market, with 70 centres masking 6.20 million sq. toes and 138,000 seats. Chennai follows with 17 centres and 1.20 million sq. toes. Pune has 11 centres, Kochi has 5, and Mumbai additionally has 5.

Tier 2 cities within the portfolio embody Coimbatore, Madurai, Vijayawada, Jaipur, Kozhikode, Mohali, Indore, and Bhubaneswar.